Wedding, joint assets and kids, if these are on the horizon for you and your partner, it might be time to look into life insurance. Settling down, whether you know exactly what that looks like or are happy to let things take their course, if you and your partner are building your future together you may want to consider life insurance as part of that plan.

Life insurance isn’t just for married couples with kids

It is accepted that most couples will take on some debt to get married, with the average cost of a wedding in 2018 sitting at a whopping €25,000, including the honeymoon. Then there are personal loans, credit cards and car finance, it all adds up!

This debt is taken on for long term benefits, to be paid off together over the years. But say the unthinkable happens and you or your partner pass away. This would leave one of you with debt that may be difficult to manage on a single income.

It could mean years of financial hardship or the need to sell assets. This is where life insurance comes in.

Life insurance for young couples

As a couple, you can have separate policies or both be covered on the one policy. Joint life insurance is available to young couples starting out. You can select your own cover cover amount which is paid as a lump sum to your loved ones should you pass away or if you were diagnosed with a terminal illness.

Life insurance can help with future costs your partner may face, this could include:

Paying the rent

Credit card debt

Car Loans

Travel

Higher education debt

How much will it cost?

The premium for your life insurance policy will be based on your age, whether you smoke and your level of cover. Your current health will also be considered, so the earlier you take out life insurance when you are young and healthy, the cheaper your premiums will be.

Get a quote

As you go through life together, financial commitments are likely to become more entwined. Planning for the worst case scenarios can help protect the one you love. If you would like to find out more about life insurance and how it can help you, speak to OneQuote.ie’s team of Advisers on 01 845 0049 or get a quote today.